Small Business
Forward?
November 8, 2012The election is over and now it seems we will be “Moving forward, not back.” The republicans that have already come to accept Romney’s defeat are sounding a lot like Sookie Stackhouse:
Onwards we go to help the little guy, a process many feel can’t happen until we end trickle-down economics. It’s the trickle part that doesn’t sound good. Money should flow freely gosh darn it, not trickle! We couldn’t agree more. Here’s a broad diagram of the economy at work:
It’s popular to hate Wall Street, but Wall Street provides small businesses with financing to expand, who in turn employ more people in the process. Wall Street is not just banks and Merchant Cash Advance companies. It is any party that has enough money to invest in others while being able to absorb potential losses. A private investor is Wall Street. Wealthy friends or family members are Wall Street.
Tax these parties more and there is less money to invest in small businesses which means fewer businesses will receive capital to expand and hire. Wall Street will make less money as a result of less money being invested and therefore tax revenue will decrease. With fewer businesses hiring, less people will be employed and therefore less people will be paying taxes. Taxing Wall Street more does not necessarily mean more net tax dollars.
This Darn Trickle
One can dislike the economic chain since the flow of money between parties may not happen perfectly or because it allows Wall Street to get richer. There is nothing wrong with the rich getting richer, so long as the middle class and poor get richer too. If small businesses use the money invested by Wall Street wisely, they too will eventually become Wall Street. The amount of new jobs created as a result of a small business’s success means more wage earners will have a shot at becoming small businesses. In economics, a wide divide between rich and poor can be positive, for it creates a ladder that anyone can climb with no cap.
Empower the Little Guy
There is a competing theory and that is to believe that the economic chain starts with middle class wage earners. One could argue to significantly lower taxes on the middle class and the poor and impose much higher taxes on the rich. By doing so, consumers would have more money to spend at small businesses, prompting those small businesses to draw up plans to expand. That expansion capital still needs to come from somewhere and less of it will be there if Wall Street has been further taxed. Perhaps a small business could save money for a few years and use their savings to self-finance their own expansion. Under this theory, everyone becomes part of a very broad middle class. The extremes disappear.
Whoops
When the extremes disappear, there will be few investors with the capability to make large investments or investments that are particularly risky. A small business owner could save up for several years and open a 2nd location without an investment, but could he open 200 nationwide? Not without Wall Street. How many jobs will be created by the opening of 1 store? How many would be created by the opening of 200?
Now calculate how much new tax revenue is generated in each scenario, as well as the number of people that move up from being poor and unemployed to middle class and employed.
When the rich aren’t getting richer, the other classes can’t really move up either. Everyone stays in a broad middle class and innovation and advancements decline. The consumer or small business owner with a potential $100 million innovative idea won’t be able to raise the capital to see it through. How can they when the rich have been prevented from becoming really rich? What if they had a $10 billion idea?
One could argue as a single class society, that a $100 million idea or $10 billion idea could be financed by the government. This is true. It is also textbook state socialism. A one class society is also the premise of Marxism, where everyone is getting their needs met through cooperative work.
Marxism ignores the realities of a global economy. Ultimately, Americans need to obtain resources from other nations, and stay ahead technologically so as not to be conquered by outside forces. A classless society is a stale society, with no economic movement, social movement, or technological advancements.
How will the Merchant Cash Advance Market be Affected?
Merchant Cash Advance companies typically invest in businesses with less than 50 employees. Under Obamacare, any business with less than 50 employees does NOT HAVE to provide health insurance. This program may not affect the business as a whole, but the law mandates that all individuals purchase health insurance for themselves if they don’t have coverage already. Small business owners in the MCA market may be incrementally stressed by having to purchase health insurance. Their employees will be further stressed by having to buy it as well. As a result, wages may need to go up to help workers pay for their own insurance and less money will be available to grow and hire.
The total public debt outstanding has exceeded $16 trillion. That debt has to be paid for somehow and it is more likely than ever that Wall Street is going to have to pay up. This will not stimulate growth and as such, the economy is not likely to pick up any time soon.
Traditional lenders are going to remain quiet while the alternative lenders are going to power through it. A business could save up for three years and open a 2nd location or it could open it today with a Merchant Cash Advance. In three years, the location they want may no longer be available and that individual looking for a job will have run out of unemployment benefits long ago.
A Merchant Cash Advance helps small businesses expand today, hire today, generate more tax revenue for the government today, and helps everyone move up the economic ladder. Baby steps are better than none at all. What starts with a 2nd location may lead to a dream of owning 200 locations nationwide. They’ll need a bigger fish than MCA to get there. Let’s make sure we don’t tax those fish to death.
What do you think Michael?
Forward!
– Merchant Processing Resource
https://debanked.com
Is There a Majority of Small Business Owners Ready to Vote for One Presidential Candidate?
November 3, 2012
For the “everyday” small business owner, trying to figure out which presidential candidate most small business owners support, or even if one candidate has more support from the business community over the other, can be a fruitless endeavor.
While we may not be able to come up with an inarguable percentage, going on a Google safari does provide us with food for thought.
While their statistics may not completely represent the small business as a whole due to the fact that they’re a membership organization and therefore might be “preaching to the choir”, the National Federation posts some interesting statistics on their home page. For instance:
- According to a November 2010 member ballot, 93% of NFIB members supported repealing the healthcare law.
- 78% of NFIB members supported a moratorium on new regulations that cost more than $100 million.
- According to the latest NFIB member ballot, 90% of small business owners support a balanced budget amendment to the Constitution.
- The cost of fuel ranks as the third-most important problem facing small business owners. Electricity costs rank 12th.
- 91% of NFIB members said that Congress should permanently increase the dollar amount of equipment purchases a small business can expense.
- According to a recent NFIB ballot, unreasonable government regulations rank as the fifth-most important concern facing small business.
The page is formatted in three columns, with the statistics in the middle and a description of Romney’s and Obama’s positions on either side. Follow this link to NFIB where you can draw your own conclusions.
On the other hand, we’ve got the Small Business Majority another membership organization, who report the following statistics based on their research and surveys:
- Only a third of small business owners want the Supreme Court to overturn the Affordable Care Act; a plurality of 50% would like it upheld, with minor or no changes.
- 50% of small business owners support clean energy and climate legislation.
- Small business owners see regulations as a necessary part of a modern economy and believe they can live with them if they’re fair and reasonable: 86% of small business owners agree some regulation of business is necessary for a modern economy, and 93% of them agree their business can live with some regulation if it is fair, manageable and reasonable.
- The majority of small businesses support raising taxes on high-income earners; nearly 9 in 10 oppose raising taxes on the middle class: Small business owners recognize the gravity of our budget crisis: 52% agree that while no one likes to raise taxes, we should raise taxes on the wealthiest 2%.
The above statistics are pulled from a variety of reports that can be easily located on the Small Business Majority website. However, it’s likely you can see where we’re going with this comparison of statistics provided by these two organizations, it is difficult, if not impossible, to accurately assess who the majority of American small business owners are likely to vote for. The NFIB endorses candidates in both federal and state elections, but does not provide an endorsement for either Obama or Romney. The Small Business Majority does not appear to provide endorsements of political candidates. However, it is worth a visit to both sites to make your own personal determination as to whether any potential bias exists.
Guest Authored
– Merchant Processing Resource
https://debanked.com
Can a Broken Window Be a Good Thing?
November 2, 2012
There’s a ton of controversy right now as to whether or not the devastation caused by Hurricane Sandy will, or will not, serve to stimulate the economy.
Obviously there are two camps: one says Sandy is stimulating and the other days it isn’t. It would appear that the only thing we can be sure Sandy is stimulating is controversy over whether or not it will serve as a boon to what many see as our nation’s less-than stellar economic recovery (at least in the areas devastated by the storm.)
But this debate isn’t limited to people duking it out on Facebook using terms such as “jerk” and “idiot” to prove their point (otherwise known as an ad hominem, or “against the man” argument that confuses name calling with intelligent debate.) We’ve got some serious academic economic theory out on the table.
On one hand you’ve got your Keynesians (20th century economist John Maynard Keynes gave us the theory.) Keynesians were/are considered “revolutionary” in that they deny the ability of a free economy to “fix” or stabilize itself and instead feel that, in order for an economy to consistently support full employment and stable prices government must implement policies that stabilize prices and create full employment scenarios.
On the other hand you’ve got economists who support a “laissez-faire” economy. (18th century economist Adam Smith provided us with this theory.) Adams and his adherents felt that since human beings are guided by self-interest as long as you leave the economy alone (i.e. no government intervention) the result will be a balanced, self-regulating economy because that is the state of economy that best serves self interest.
And then we’ve got Frédéric Bastiat. Ironically he happens to be a great defender of laissez-faire economics. We say ironic as it is his “Parable of the Broken Window” that tells us that, in fact, destruction, whether it be caused by natural forces (such as Hurricane Sandy) or man (such as wars) do not stimulate the economy by creating more business (and therefore more jobs.) Bastiat included the story in an essay entitled “The Seen and the Unseen.” Here’s the short version of the parable:
The Seen: A boy breaks a store window. The owner now pays for a new window, which creates income for the glazier.
The Unseen: Because the store owner has to fix his (or her) window, he (or she) now doesn’t have money to invest in the growth of their business – or for anything else they might have spent it on.
In other words, Bastiat’s theory is that destruction doesn’t create more income, it simply reallocates income. Obviously, if this is true, disasters that cause mass destruction don’t stimulate the economy.
As far as the battle between laissez-faire and Keynesian economists are concerned, for our purposes let’s just say the jury is still out, especially after suffering through this last (or current depending on who you listen to) economic debacle. On the one hand, Keynesians can gloat over seemingly infinite corporate greed that resulted in lost homes as well as lost jobs – on the other hand, those who live on the laissez-faire side of the street can gleefully cite how President Obama’s stimulus package perhaps did nothing more than (as Bastiat might say) help us see that the economy was “worse than we realized.”
Back to Bastiat
Whether or not laissez-faire or Keynesian policy should be pursued in the effort to cure the economy really isn’t the point as related to the impact of Hurricane Sandy – at least for the purpose of this article. What is at hand is whether or not Bastiat was right. However, perhaps we’ve left out an important economic theory. And that would be Darwinian, or “evolutionary economics.”
There is no getting around the fact that evolutionary economics is pretty darn complex. Evolutionary economists like to use a lot of math – especially something called game theory which uses math to explain/describe what might appear to be “irrational” economic choices or events.
However, one thing we can all understand is that evolutionary economics uses methods and ideas similar to those used to study biological evolution. And most of us are very familiar with the evolutionary concept of “survival of the fittest.”
Just for a minute let’s suppose that two store owners find that someone broke their window (destruction.)
The Seen: Both hire a glazier to fix their window (and we see the glazier benefit.)
The Unseen Store Owner #1: Poor guy (or gal) is forced to use money previously identified to be used to pay for an ad in the local newspaper to promote an upcoming sale. Now that the cash is gone, the store owner responds by throwing up their hands in despair.
The Unseen Store Owner #2: Decides to take President Theodore “Teddy” Roosevelt’s advice and “Do the best I can, with what I’ve got, where I’m at.” Knowing the ad is now out of the question, and without any funds left to promote the upcoming sale, she (or he) decides to use the new window to showcase the sale.
The store owner pulls out every old decoration from every holiday or special event sale from the back room and decorates the new, clear as a bell storefront window. She (or he) then gets on Facebook and Twitter and announces a contest to come up with a name for a sale that encompasses every holiday and special event known to man. The contest winner will receive $200 to donate to their favorite community charity. She (or he) contacts every existing customer via email to inform them of the upcoming sale and contest and asks them to spread the word.
The local community newspaper (ironically the one that the paid ad would have run in) picks up the story. The sale is a huge success. Too many people assume that “fittest” always means strongest. Wrong. “Fit” means the organism that is best able to adapt when the environment changes.
Obviously Store Owner #2 fits that bill. The moral is that, no matter what the “disaster”, be it hurricane or recession, crossing your fingers and hoping for the best or hoping the government will save you are not your only two choices. One choice will always be yours to make, and that is choosing to do the best you can, with what you’ve got, where you’re at.
Guest Author
– Merchant Processing Resource
https://debanked.com
Sandy
October 30, 2012deBanked’s office was empty on Monday and early Tuesday morning due to Hurricane Sandy. Instead, we were out dealing with the reality of having no power or water for at least a week. We did survey some damage in east midtown Manhattan, an area where floods exceeded over 5 feet last night on 36th street, completely submerging cars. Floods subsided by morning.
Window washing deck stuck in the trees
a building near the 34th Street Heliport
Stop
Toppled phone booth
Debris
One quote that got us through the night’s harrowing ordeal was a facebook update from Seth Broman, Merchant Cash and Capital’s VP of Business Development:
Dear friends and family, if this is the last communication I have for days with battery % approaching single digits, please make sure that all my rosters are properly updated for the bye weeks, proper waiver moves are processed, I vote against every trade except my own and I’d rather play without a kicker than drop Chicago’s D. Thanks, Seth
We hope everyone is safe. Did the storm affect you?
It’s a Mad, Mad World
October 18, 2012
You aren’t going to find too many people who would disagree that things have gotten a bit crazy lately. We’ve got a crazy economy going, so why not employ a bit of crazy when it comes to promoting your small business in a crazy economy?
Think that be a bit of a naïve approach to attracting business? Maybe not.
Recently Old Navy added a little bit of crazy to the tried and true idea of a coupon when it created a “human coupon” to celebrate reaching 5 million fans on Facebook. Liberty Tax Service, while a big company, knew it couldn’t compete with H&R Block’s intensive television ad campaign, so they added their own little bit of crazy and instead dressed people up like the Statue of Liberty to direct traffic going by to their storefront. And let’s not forget all the hoopla Macy has been able to tweek out of their Thanksgiving parade for the last 80 years?
Still not convinced? How about a little case study on Sir Richard Branson? The man built a business empire using “crazy stunts” to bring attention to the “Virgin” brand. These stunts were perhaps a bit “larger” than most small business owners are capable of pulling off (you most likely can’t fund crossing the Atlantic ocean in a hot air balloon, or build an “aquaticar” and make history traveling from London to Paris in literally record time.) But you can’t deny that Brandon’s billions make a credible case for crazy.
OK, so maybe you’re not ready to dress like a chicken (or hire someone to dress like a chicken. Here are few approaches to crazy you might want to consider for your small business:
Organize a protest. Most everyone has either driven by or watched a “protest” on the evening news. How about staging a protest at your small business? What might you protest? How about carrying signs protesting “This business puts the customer first!” Or, “They actually helped me find something.” Or, “I called and a human being answered!”
Sponsor a crazy contest. This is a cool one because it can be conducted online as well as offline. For example, if you’re an office supply company or a professional organizer how about a “Messiest Desk” contest? The winner receives organizational products or a half hour consultation.
Crazy Customer of the Month. No, the customer doesn’t win if they’re crazy – in this case it is the award that’s crazy. For instance, a “Crazy Happy Customer of the Month.” Or, “Techie Customer of the Month.” Or, “Best Dressed Customer of the Month.” Take pictures and hang plaques.
Crazy Building Decorations. If you own the building, or it is OK in your lease, how about using your building to help your business stand out? A company in South Africa hung multi-colored sandals on a tree outside their building making it “bloom.” If you’re a financial planner it might be pretty effective to do the same to the tree in front of your office with fake 100 dollar bills.
Some businesses might find the above doesn’t mirror their brand. But you can still get a little crazy. Even the stodgiest consultancy can promote themselves by asking people to post pics of “crazy ties” on their Facebook page. Or hand out coffee cups that say something along the lines of “I got this for staying awake the longest at our last staff meeting.”
Sometimes crazy makes crazy good business sense.
– Guest Author
Merchant Processing Resource
https://debanked.com
Is it Just us or are the Deals Getting BIGGER?
October 15, 2012
Two years ago, it was easy to say that the average Merchant Cash Advance (MCA) deal was about $20,000 to $25,000. The claim used to be, funding up to $250,000! And yet very few companies would actually go that high when it came down to it. But now?
A million here, a million there… It’s all just business as usual. Nothing to see here everybody. Go on Tozzi, write another article about how MCA is for minuscule retailers that can’t get approved for a low limit credit card. Whether you call it MCA, Merchant Financing, or Merchant Lending, there’s no doubt that capital has become more accessible to businesses across the country. And the amounts being disbursed are getting BIGGER.
On October 12, 2012, Rapid Capital Funding (RCF), a mid-sized funder in Miami, FL provided $1,250,000 to a national convenience store chain. RCF published an official company announcement about it, but we actually got wind of the deal a week before it closed. deBanked staff is friendly with the folks at RCF, particularly with their lead underwriter, Andrew Hernandez. Hernandez is an industry veteran, with five years of MCA underwriting experience under his belt. So while RCF hasn’t had the reputation for taking on big paper in the past, we can’t say that we’re shocked that they’re marching down that path.
Other big deals this year in the MCA space:
United Capital Source – $1,250,000
YellowStone Capital – $751,000
Do you think we’ll be seeing more of this? Send us your comments.
– Merchant Processing Resource
https://debanked.com
Silicon Valley’s One Punch Knockout
October 4, 2012“This morning I woke up, brushed my teeth, and hopped in my hovercraft to go to the office. As soon as I arrived, I began my routine of playing ping-pong against my co-workers while computers performed the automated tasks I had set for them. Then I went to the gym, came back, and learned that our web portal had generated 12,000 leads, closed 7,000 deals, and funded 5,000 merchants. It was an exhausting day…” — A Senior Account Executive from the year 2013.
We’ve been offering insight on the 2012 invasion of Silicon Valley into the Merchant Cash Advance (MCA) industry. Excuse us, it’s called the “merchant financing industry” now. California technology companies are bringing money, yes, but most importantly, bringing their treasure trove of technologies to companies that were mostly satisfied with the status quo. But are America’s small businesses ready to do business Silicon Valley style or have MCA companies had it right all along, to operate in the way that small business is most comfortable with?
Two weeks ago, California enacted a law that will allow computerized driverless cars to drive on the road. Cars that drive themselves… this is business as usual in parts of California where everyday things such as gasoline, wires, and paper money don’t exist anymore. There, it is believed that clipping coupons from newspapers is something that the Pilgrims did on the Mayflower. There, applying for a small business loan should be as easy as using your brain waves to telepathically connect with a bank’s computer and having the funds instantly transferred to your bank account. There, is a sense that the rest of the country is just like them…. except it’s not.
If you’ve ever had the pleasure of being an MCA underwriter, you know why antiquated funding companies aren’t going to go quietly into the night. We got to speak with one veteran on condition of anonymity. His words:
We had a guy with good credit, processing $15,000 a month in credit card sales, looking for $20,000. He’d been in business for fourteen years and it seemed like a home run but it took seven weeks to close. He didn’t have a printer or a scanner and he had to drive twenty miles to the nearest Fedex/Kinkos every time he wanted to send us something. On his third trip, his ’94 Corolla broke down and we had to wait a few days until he could find a friend’s car to borrow to send the documents.
These situations do not occur every day, but it is evidence that automation will not singlehandedly knock everyone else out with one punch. There is a technology gap in America. Statisticians point out that 78% of Americans use the Internet, but there is a whole generation that doesn’t trust it with their most sensitive information or have the capabilities to use it to its fullest extent. Would a Silicon Valley takeover of the MCA industry alienate them and leave many of America’s small businesses once again without a shoulder to lean on?
Program or be Programmed
The title of this segment here is the title of a book written by Douglas Rushkoff. An article on CNN commented at length about it and its revelations about the digital age. Americans need to learn all the basics when they’re young. Your PHPs are just as important as your ABCs and 123s. CNN interestingly states:
It’s time Americans begin treating computer code the way we do the alphabet or arithmetic. Code is the stuff that makes computer programs work — the list of commands that tells a word processor, a website, a video game, or an airplane navigation system what to do. That’s all software is: lines of code, written by people.
—Just a couple of years ago, I was getting blank stares or worse when I would suggest to colleagues and audiences that they learn code, or else. “Program or be programmed,” became my mantra: If you are not a true user of digital technology, then you are likely being used by digital technology. My suggestion that people learn to program was meant more as a starting point in a bigger argument.
—According to Calacanis, each employee who understands how to code is valued at about $500,000 to $1 million toward the total acquisition price. One million dollars just to get someone who learns code.
Read those last two lines? Each employee that understands how to code is worth up to $1 million. Are they seriously teaching people in school that Microsoft Office proficiency is a leg up in the business world?
College graduates that know more than one language have an edge over people that don’t. But speaking Chinese, Spanish, or Arabic won’t get you as far as JavaScript. According to IT World, JavaScript is the most highly ranked programming language in the world as measured by its use and popularity. Learn French and you’ll really enjoy a vacation in Paris. Learn PHP, Python, or Ruby and you just might become the King of France.
Am I Already a Dinosaur?
No! Don’t let those 10 year olds with a software empire get you down. Anyone can learn and you need not spend $30,000 a year on college tuition to do it. Codecademy can help complete beginners learn code for free. Get real good at it and you may earn yourself a $50,000 salary increase.
One Punch
Silicon Valley with their exotic computer languages and cars that drive themselves may present a challenge to the MCA industry, but many firms will be able to hang on for a long, long time. Some people still pay by check at the grocery store and yes, many business owners would rather not use online banking, no matter how safe they’re told it is. But there will come a time when being bilingual means being able to write Java and Perl. Oh there will come a time when driving twenty miles to Kinkos in a car that one must drive themselves to fax a document that will never again exist on paper, will be an experience we confuse with the Pilgrims trip on the Mayflower.
Everyone should at least take some basic lessons on self-defense. Silicon Valley is coming out fighting. They might not knock you out, but it couldn’t hurt to have a white belt in JavaScript. Anything to keep you in the ring just a little bit longer.
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https://debanked.com
Article condensed 10/8/12
Ten Days
September 28, 2012
It’s been ten days since Kabbage announced they had raised $30 million to fuel the growth of their Merchant Cash Advance (MCA) operations at home and abroad. MCA is changing faster than we can report it:
Former Yahoo CEO joins Kabbage. Hello Silicon Valley takeover! Quotes from the story:
Kabbage is providing an old service, merchant cash advances, with a new twist
Did they just call merchant cash advances old?
Kabbage is rapidly reshaping the small business financing space in the same way that PayPal reshaped the payments space over the last decade
Start believing this…
Amazon enters the MCA industry with a new division called Amazon Lending. Quotes:
Amazon is lending up to $800,000 to some merchants, Wingo said, adding that this is a pretty aggressive entrance into merchant financing.
Merchant financing…quite possibly the term that will replace “merchant cash advance” in the next couple years. Notice AMEX’s advance program is called the same thing. Trend anyone?
Amazon is competing against a start-up called Kabbage, which extends cash advances ranging from $500 to $50,000
They apparently don’t feel anyone else is a threat in the online space.
“We’re flattered that Amazon is building a business modeled on ours,” said Kabbage co-founder Marc Gorlin. “It’s validating that big companies are getting into the small business financing space.”
Dear Kabbage, you did not invent this model.
The kicker to Amazon’s new program? They charge up to 13% interest annually, on pace with what a little company in California named Opportunity Fund claimed was flat out unprofitable. Does that make them yet another new company walking around with a giant Kick-Me sign on their back? Some industry insiders would argue that offering these low rate programs are like swallowing dynamite.
We did a little bit of digging on this new program to see exactly what Amazon was up to. One of their prospective merchants posted this excerpt of the fine print:
Subject to applicable law, you will be in default under this Loan Agreement if any of the following events occur: ……..
(iii) your gross merchandise sales on Amazon.com as reported in your Seller Account (“GMS”) in any month is less than 50% of your lowest GMS on Amazon.com in any of the prior 12 months,(iv) the collective value of your units stored in Amazon fulfillment centers in the US, based on your list price of those units on Amazon.com, (“FBA Inventory Value”) in any month is less than 50% of your lowest FBA Inventory Value in any of the prior 12 months,
Except as otherwise required by applicable law, if you are in default, subject to any right you may have under applicable law to receive notice of and to cure such default, you agree that we may in our sole discretion exercise any remedy available to us at law or equity or take any or all of the following actions: (I) declare the unpaid balance of your Loan to be immediately due and payable, (II) enforce our rights as a secured party by directing Amazon Services LLC to reserve, hold, and pay to us an amount up to the unpaid balance of your Loan from your Seller Account disbursements until the unpaid balance of your debt under this Loan Agreement is paid in full, (III) enforce our rights as a secured party, by taking possession of your units stored in Amazon fulfillment centers and disposing of them in accordance with the Uniform Commercial Code,……………..
If this Loan Agreement is referred to an attorney (who is not our salaried employee) to collect the amount you owe or otherwise enforce the terms of this Loan Agreement, you agree to pay our reasonable attorneys’ fees, court costs and other costs of collection to the fullest extent not prohibited by applicable law.
6. Financing Statements. You authorize us to file and, as we may deem necessary or desirable, to sign your name on any documents and take any other actions that we deem necessary or desirable to ensure that our security interest in any item of inventory or your Seller Account is properly attached and perfected.
There’s some language in there that would make a lot of MCA companies jealous, particularly the section that states a 50% drop in sales is an automatic default!
Thoughts? Share them on DailyFunder.
– Merchant Processing Resource
https://debanked.com
